Emil

Yes the wrappee can certainly use it as a deposit but it will not be paid on the possession date.

In Qld the FHOG is payable 12 months after the possession date and once at least 10% of the instalment contract price has been repaid. This includes payments of both Prinipal & Interest.

I.e If monthly repayment is $1000 and the instalment contract price was $150,000 then it would take 15 months for you to receive the FHOG.

Again your MB should be giving you this information.

Emil

Yes exactly so many lenders put an emphasis on an ABN however as you say you can get one in 24 hours.

In saying this if you intend to start wrapping remember that most lodoc loans are postcode restricted and as mentioned the number of lenders fall if you have your ABN for less than 2 years. You might be better to stay in a PAYG position for the first couple and get a 80% LVR.

If you inted to run a wrapping business then YES you will require a ABN.

The market certainly has not gone flat I would say that you change of employment status is the reason why you capacity to borrow has been reduced. If you have been self employed for a short period of time then it is unlikely that the average lender will take into consideration your income at all and therefore you serviceability will be calculated on that solely of your partner.

Some lenders will allow you to self declare your income again dependant on the date your ABN was registered.

The longer the better.!!

Hi Emil
Yes many lodoc lenders do require you to be self employed and hold an ABN for 2 years + (and if you intend to declare more than 50K PA will require you to be registered for GST) but in saying that many do not and some allow PAYG lodoc.

Whilst you are thinking about your next move stick the cash in your offset account and at least get circa 7.5% tax free.

As has been mentioned a Nodoc loan is available however before you sell yoruself short you woul d have some good rent and maybe suprised about your borrowing capacity. Remember not all lenders calculate serviceability the same way some take 70% of rent others upto 100%. Some qualify at variable rate plus a interest rate margin other merely at the chargeable rate. Both of these makes a big difference to your capacity. 

If she is self employed then would need to show 3 Year Tax returns and her net profit would be used to assess her income.

Adelaide Bank Shared Equity scheme is not available for an Investment property  – YET.

How far do you go to visit your clients Eric ?

Might have a couple who would like to see a mobile MB

Agreed a 110% loan is readily availble but not at Professional interest rates.

Ah Eric is it. Are you refering to the Adelaide Bank Shared Equity scheme.

If you are then Yes we are well aware of it and I was the first broker in Australia to write a deal under the product.
In fact it settles tomorrow and is Rismark's first settlement.

If you care do to a search on previous posts you will be aware most forumites are aware of the product.
Should be exicting when it gets opened upto investors.

However just to correct your post.

"So you need to pay back $100,000 to EFM when you sell your house. I think the idea is good for people who wants to buy a home but has limited amount of deposit. And you will keep the EFM as long as you want until you sell your house" 

The maximum period for the EFM is actually 25 years so if you havent sold by then you will need to refinance the loan.